BTCRally Defies Trade War Fears, Hits $90K Milestone
The top digital asset roared past $90K on Tuesday morning as both traditional and crypto markets saw positive momentum despite Trump fumbling a trade deal with Japan.
Markets have been going haywire lately due to unresolved tariff concerns, but stock indices, the crypto market, and bitcoin, all saw positive gains Tuesday morning, with the dominant cryptocurrency soaring past the $90,000 range.
Overview of Market Metrics
Bitcoin surged to a fresh local high on Tuesday, touching $91,463.81 during the 24-hour window and settling at $91,245.60 at the time of reporting. This marks a 3.47% gain over the past day and a 6.86% increase on the week, continuing its upward trajectory from last week’s low of roughly $83K.
(BTC price/ Trading View)
Trading volume spiked 25.20% over the past 24 hours to $43.27 billion, with bitcoin’s market capitalization climbing to $1.8 trillion, up 3.18% from the previous day. Interestingly, BTC dominance dipped slightly by 0.12% to 64.40%, suggesting modest gains in the altcoin space even as bitcoin continues to lead the charge.
(BTCdominance / Trading View)
In the derivatives market, total BTC futures open interest jumped 10.82% to $68.59 billion, reflecting growing speculative interest. According to Coinglass, total liquidations reached $38 million over the past 24 hours, with short sellers absorbing the vast majority of losses at $37.19 million. Long liquidations were minimal, indicating that bears once again found themselves on the wrong side of the trade.
“Ninety Deals in 90 Days” Promise Falls Flat
The Trump administration once promised to close 90 trade deals in 90 days after instituting a 3-month pause on its aggressive global tariffs. Japan was one of the first countries to come to the table, and the president boasted about how talks were advancing positively.
But now, talks have fallen apart with Japan, and the country’s Minister of Economic Revitalization said to local media, “I made clear to the U.S. that we feel the tariff measures are extremely regrettable. I strongly urged them to reconsider these policies.”
(BTC/S&P 500 correlation drops to 0.56 / Newhedge)
Despite the fallout, the S&P 500, the Dow, and the Nasdaq are all up by more than 2% at the time of writing, and bitcoin has soared past $91K. Although the cryptocurrency is still correlated with stocks at about a 56% clip according to data from Newhedge, that correlation has dropped significantly, and a full decoupling may occur by year-end.
